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Sunday, October 24, 2010

AKR Corporindo subsidiary bags US$15 mio loan

BI/bursa
24/10/2010

Irvin Avriano A.

AKR Corporindo subsidiary bags US$15 mio loan
JAKARTA: PT AKR Corporindo Tbk subsidiary, Khalista (Liuzhou) Chemical Industries Ltd, bags credit facilities from PT Bank Mandiri Tbk-Hong Kong branch of a US$15 million, or about IDR133.97 billion.

In the information disclosure to the Indonesia Stock Exchange (IDX/Bursa Efek Indonesia), AKR Corporindo President Director Hardiyanto Adikoesoemo said the funds would be used for working capital, purchase of production raw materials, and working capital of their subsidiary.

"AKR Corpindo have been signed corporate guatantee for the management of debt and commitment to providing cash deficit for the loan," he said in the disclosure, Thursday.

AKR Corporindo controls a total of 100% stake in China-based subsidiary. AKR shares are coded AKRA in the stock market.

He also explains some of the management in AKR Corporindo also served in the subsidiary. the president commissioner Soegiarto Adikoesoemo is chairman and legal representative at Khalista. Then, Haryanto itself, also the chairman of Khalista.

AKR Corporindo stock rose 7.14% to IDR1,500 in Thursday and establish its market capitalization amounted to IDR5.68 trillion. Since late last year until Thursday, the shares has provided the investment return of 47.59% to its investors.

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